After you have gone through the process of filing your claim, hiring an attorney, and then agreeing on a settlement, it could take you anywhere from 4 to 6 weeks to receive your settlement check. In the meantime, you might be wondering what’s going on behind the scenes at the insurance company and your attorney’s office. The following information is a general guide to give you insight into the process.
How Settlements Are Calculated
Settlements are calculated based on all of your economic damages, including:
- Medical bills and expenses for medical treatment
- Loss of income from the days you have already missed from work
- Lots of income expected during the time you’re still unable to work
- Loss of economic or career opportunity opportunities due to being unable to go to school
- Property damage from the accident, such as your car
These are called “economic damages” because these are all calculable items that can be combined to create a total sum. Once that amount is calculated, the insurance company uses a multiplier between 1.5 and 5 to make an adjustment to that number. If your accident was more severe and you suffered significant injuries or property damage, then your multiplier will likely be higher than 1.5. Multipliers even go up to 10 in cases where there was a loss of life in the accident.
For example, if your total between medical bills and missed work was $3,000, but your injury did not result in permanent or severe injuries, then then your settlement could be around $4500, or $3000 x 1.5, on the low end.
Receiving Your Settlement
After you’ve received a settlement offer that you agree to, you will then sign a settlement release. Your attorney will then send this release to the insurance company who will then begin to process your check and close out your claim. More than likely they will send the check directly to your attorney.
Most personal injury lawyers work on a contingency basis, which means that you don’t pay a dime unless they successfully get you the compensation you deserve. So after your settlement check is sent to your attorney, your attorney will deduct their fees from your check. They will also be sure to send any necessary medical payments to clear any liens that may have been assessed from medical providers who cared for you after your accident. After all these costs have been deducted, they will send you a check for the remaining amount.
Why Hiring A Personal Injury Attorney Is A Wise Choice
There are reasons why you should hire an attorney. In general, anytime you have been wronged by someone else and are hoping for some sort of compensation, you’re going to need an attorney to fight for you because the people you will face are going to have their lawyers. The attorneys representing the insurance company are not going to think about your interests and will fight to reduce your compensation so they can save the company money. This could leave you in a very precarious situation where you could end up getting less than you deserve. Instead, call a reputable personal injury attorney, such as the ones you’ll find at car accident law firm Grossman Law. They have years of experience successfully handling cases and can guide you on what to do, what documents you need, and how to submit your claim.
Michael Davis is the Content Director of Miami’s On the Map Marketing, Inc. As the chief content editor of one of the fastest-growing internet marketing firms in the country, Michael has made it his mission to provide high-level, factual, and error-free content that emphasizes the best SEO practices and helps his company’s clients convert sales.